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A REVERSE MORTGAGE is a loan that allows seniors to use the equity they’ve accumulated in their homes over the years to improve their quality of life and provide financial independence and security. |
Fast
Facts: |
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All
borrowers must be 62 years and older |
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Home must be your primary residence |
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You own your home – no different than a traditional mortgage. Title stays in your name! |
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No income, health or credit qualification |
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Social Security benefits and Medicare are generally not affected by a reverse mortgage – consult your tax advisor |
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No repayment is made until the home is sold or the owner permanently moves out or passes away |
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You will never owe more than the value of your home |
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When the loan is due, your heirs have choices – they can repay the loan and keep the house, or
sell the home and repay the loan. Estate nor children are responsible for debt |
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What
are the possible uses of a REVERSE MORTGAGE?
It’s Up to You. |
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Assistance with month-to-month living expenses |
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Assistance with healthcare and prescription drug costs |
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Pay for home repairs or modifications |
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Pay off an existing mortgage |
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Pay off existing debt |
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Reduce burden on children |
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Repair or purchase a car |
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Charitable giving or other financial assistance |
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Pay property taxes |
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Travel
or special occasion costs |
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Any purpose you choose |
By converting equity into income, a reverse mortgage is a way to stay in your own home and receive cash to use for any purpose.
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Independence.
Peace of Mind. Security. You’re in Control.
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Receive
your money in one of many ways: |
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Lump
sum – A one time payment at closing. Fixed rate loans require lump sum |
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“Tenure” Monthly Payment – Receive monthly income. Can be Deposited directly into your checking account every month for life. |
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Term” Monthly Payment – Receive monthly income. Can be Deposited directly into your checking account every month for a set number of months.
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Line of Credit – An open credit line from which you may draw at any time. |
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Or
a Combination of any of the above. |
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We understand you are making important and deeply personal decisions. We promise that we will assist you in a caring and professional manner.
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